tag:blogger.com,1999:blog-8595404115121834255.post5147265444038004746..comments2024-03-28T03:24:05.678-04:00Comments on NAKED KEYNESIANISM: Currie and the 1937-38 recessionMatias Vernengohttp://www.blogger.com/profile/09521604894748538215noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-8595404115121834255.post-57853257393323837312013-05-25T01:27:46.552-04:002013-05-25T01:27:46.552-04:00Income redistribution is NONSENSE, Owl. The rich d...Income redistribution is NONSENSE, Owl. The rich don't pay taxes, observe the past 30 years as the rich (1%) have garnered a larger and larger share of overall income while the 99% have continued to sink like a rock economically. The federal government DOES NOT need revenue and can NEVER be forced to "borrow" for infrastructure projects. The ONLY limitation is the banks. Unless the banks and their colleague "privatisors" get their cut of the action and a massive cut at that, things like infrastructure projects "benefitting the Middle Class," ain't gonna happen.-SteveDAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-8595404115121834255.post-60410783649554351392013-05-24T13:04:54.487-04:002013-05-24T13:04:54.487-04:00In the 1930s, the marginal tax rate on the rich in...In the 1930s, the marginal tax rate on the rich in the US was over 90%. In that situation, one could not raise taxes on the rich to redistribute to the middle. One had to run deficits. Now, the way to increase aggregate demand is to raise taxes on the rich (from 35% to 90% for people who earn more than, say, $10 million per year), and redistribute to the middle (say, by making public colleges close to free again). That would increase aggregate demand, would improve skill of work force, and would not increase the deficit. Saying that deficit spending today is equivalent to deficit spending in the 1930s is misleading. In the 1930s, the wealthy were doing their bit to save the economy already. Only then was deficit spending necessary. The Owlhttps://www.blogger.com/profile/00178883457467641998noreply@blogger.com